Cyril Amarchand Mangaldas (CAM) advised Statkraft AS on the divestment of its 1.3 gigawatt (GW) energy portfolio in India.
The transaction team was led by Ramanuj Kumar, Partner (Co-Head – Projects, Energy & Energy Transition), along with Partners Sreetama Sen and Aiswarja Mohanty. They were supported by Principal Associate Shrey Srivastava and Associates Kumar Mangalam and Rohil Kenue.
Employment due diligence was handled by Partner Sowmya Kumar, assisted by Principal Associate Luv Saggi and Associate Shivika Gupta.
Competition law aspects were overseen by Partner Vijay Pratap Singh Chauhan with support from Associate Kartik Agrawal.
Corporate due diligence was managed by Partner Sreetama Sen with the support of Associates Kumar Mangalam, Sanya Rizvi, Soumya Gupta, and Megha Mehta.
Real estate aspects of the transaction were advised upon by Partners Ashish Jain and Karan Sharma, with assistance from Siddhant Sharma, Principal Associate, Kartik Adlakha, Senior Associate – Designate, and Associates Amritesh Anand and Rishita Khandelwal.
Projects due diligence was handled by Partners Ramanuj Kumar, Aiswarja Mohanty, and Nishikant Sao, Partner – Designate, supported by a wider team including Principal Associates Shrey Srivastava and Sumi Trivedi, as well as Associates Suprabh Garg, Snehil Ajmera, Rashika Bhardwaj, Sayor Ray, and Ananaya Agrawal.
Regulatory aspects were advised on by Partner Vishal Binod with support from Senior Associates Aditya Dubey and Sagnik Maitra.
The portfolio divestment includes a 100% stake sale in Tidong Power Generation Private Limited, which is implementing a 150 MW hydroelectric project in Himachal Pradesh, to JSW Neo Energy Limited. It further comprised the sale of Statkraft’s wholly owned subsidiaries — Sourya Manthan Renewable Energy Private Limited, Cannice Renewable Energy Private Limited, and Foxtrot Solar Renewable Energy Private Limited — to Serentica Renewables India Private Limited. These entities together own an operational solar power project of 445 MWp and are developing solar and hybrid projects with a total capacity of 920 MWp in Rajasthan.
Additionally, Statkraft divested its 49% shareholding in Malana Power Company Limited and AD Hydro Power Limited, both of which have been operating hydroelectric projects with a combined capacity of 278 MW in Himachal Pradesh since 2010, to Bhilwara Energy Limited.
The transactions are subject to fulfilment of customary conditions precedent.